DUBAI: Gulf stocks were mostly lower, as volatile oil prices hit petrochemical and energy firms in the Saudi market, while lower-than-expected earnings of property firm Aldar Properties weighed on the Abu Dhabi market.
Abu Dhabi slipped 1.1 percent, easing from a near four-year high on Wednesday. Aldar Properties dropped 2.5 percent, as investors were disappointed after the firm this week missed estimates with a 28 percent fall in second-quarter profit, which it blamed on a revaluation of properties related to its retail portfolio.
First Abu Dhabi Bank also fell 2.4 percent. FAB shares have gained nearly 37 percent this year, fuelled by strong earnings and a move to expand in the Saudi market.
In neighbouring Dubai, the index dropped almost 1 percent on selling in lender Emirates NBD which declined 2.9 percent. Contractor Arabtec also dropped 2.5 percent, after opening higher as it reported a 24 percent jump in quarterly profit.
Saudi stocks were down 0.4 percent, as sharp swings in oil prices hit sentiment. Oil prices were higher on Thursday, but fell over 3 percent on concerns about a trade dispute between the United States and China.
The ongoing trade war is rattling global markets and investors fear any slowdown in the world’s two largest economies would slash demand for commodities.
Refiner Petro Rabigh fell 2.4 percent, partly affected by a 26 percent fall in second-quarter profit.
Among other losers, petrochemicals giant Saudi Basic Industries Corp ended 0.5 percent lower.
The Qatari index fell almost 0.8 percent, dragged down by Industries Qatar which fell 2.3 percent despite reporting a rise in first half profits.
QNB Financial Services said in a report the result was in line with its forecast.
Industries Qatar has been one of the biggest beneficiaries of fund inflows this year after it raised the limit for foreign ownership. The stock is up 27 percent so far this year.
Source: Brecorder
